December 22, 2025 – CenterSquare’s Private Real Estate Debt team recently provided a mezzanine loan in the refinancing of two newly constructed and stabilized, adjacent Class A multifamily buildings in Brooklyn, NY, totaling 336 units and containing 9,000 sf of retail space. The loan is secured by 100% of the equity interests in the properties. The properties are conveniently located allowing an approximately 25-minute commute to both Downtown Brooklyn and Midtown Manhattan, and 30% of the units are affordable pursuant to the 421-a program.
The Sponsor is a joint venture between two experienced real estate development firms, with a significant operational presence in the New York metropolitan area. CenterSquare’s financing, which is subordinate to a $190 million co-terminus mortgage funded by an asset management firm on behalf of an insurance company client, allowed the Sponsor to retire bridge debt used for the property’s lease up, repatriated a significant amount of their equity, and provided them with 5-year, full term interest-only, fixed rate financing, enhancing the asset’s cash flow stability.
